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The average 65-year-old today will outlive their savings by almost a decade: WEF

Rescue Your Retirement: Five Wealth-Killing Traps of 401(k)s, IRAs and Roth Plans – and How to Avoid Them by Pamela Yellen

Pamela, who was just featured on the Wall Street Journal’s Your Money Briefing podcast, is author of two New York Times best-sellers, including “The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.” In her new book, Rescue Your Retirement, she takes aim at the shortcomings of conventional retirement plans such as 401(k)s, IRAs, 403(b)s, Keogh, and Roth plans that have failed to deliver financial security and peace of mind for most Americans. Want proof? In spite of the longest-running bull market in history:

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  • The average 65-year-old today will outlive their savings by almost a decade, according to the World Economic Forum.
  • The typical household nearing retirement has only about $135,000 in their combined retirement accounts – enough to provide them at most $600 per month. And most folks have little or no retirement savings outside of these plans and their home equity.
  • Nearly half of all pre-retirees have zero savings of any kind.

“Not that long ago, 80 percent of workers enjoyed a company pension plan that promised them a retirement check every month for as long as they live,” Pamela says. “Today, less than 15 percent of workers have that perk. The rest of us have been forced to rely on government-controlled, do-it-yourself, Wall Street-based hope-and-pray plans – with disastrous results.”

Pamela explains how to rescue your retirement:

  • How high fees, the stock market roller coaster, and “tax time-bombs” devour hard-earned retirement dollars.
  • Why Americans will likely spend more years in retirement than they had planned, why those years will cost far more than they expected, and how people can avoid outliving their savings.
  • What to do differently to build true financial security and peace of mind.

Pamela feels strongly that Americans’ dreams of a secure retirement could turn into retirement nightmares, and knowledge is power, so for a limited time, she is offering complimentary free copies of her new book. These are available for a small shipping and handling fee at www.FreeRetirementPlanRescueBook.com.

About the Author: Pamela Yellen is founder of Bank On Yourself, a financial investigator, and the author of two New York Times best-selling books.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver